Invest101 and DefensX Announce Growth Funding to Accelerate Commercialization of Social Engineering Cyber Security Threats

The managed service provider (MSP) industry has been impacted profoundly by digital transformation, as the explosion of technology forced MSPs to change to survive. MSPs have become IT experts across all functional areas, including trials, beta tests, project management, installation, training, monitoring, maintenance, upgrades and especially customer support. They’ve also quickly become essential for businesses who need reliable cyber security solutions, with 81 percent of organizations having already partnered with an MSP for cyber solutions.

Cyber security has become a point of emphasis for organizations across all sectors, as the rapid onset of the digital age has ushered in a massive surge in cyber crime. On average today, there’s a cyber attack every 39 seconds, with the total cost of global cyber crime expected to reach $8 trillion by the end of 2023. Considering the detrimental financial consequences of a breach, which could be fatal for SMBs, it’s no surprise enterprises are looking for ways to bolster their digital defenses.

This is where MSPs can play an essential role in thwarting would-be cyber attackers.  According to one survey, 74 percent of security professionals said their budgets have increased over the past year, and many said that a larger portion of their overall IT budget is now geared towards cyber security. Additionally, 78 percent said they have reassessed their cyber security strategy since the pandemic, suggesting they are open to guidance from an MSP on this important topic.

However, this has created a new priority among MSPs to offer adequate, if not above adequate cybersecurity solutions, which is easier said than done according to statistics. As of today, more than 8 out of 10 MSPs have lost customers because of lack of security offerings. This has prompted MSPs to search far and wide for solutions that can improve their cyber security offerings, for their own benefit, and the benefit of their customers.

This week, DefensX, developer of a Zero Trust Secure Web Browser extension and solutions announced it has received an investment from the Development METU Technopark Venture Capital Investment Fund (Invest101), established in cooperation with the Türkiye Development Fund (TDF) and METU Technopark.

“We are pleased to welcome Osman and the DefensX team to our Invest101 family,” said Elif Altug, Ph.D, CFA, CEO and Board Member of Türkiye Development Fund. “The company has already proven the enormous value of technology in our country, our region, and globally, and we look forward to their expansion in such a mission critical area. Without the ability to defend against growing threats, digital and structural transformation is limited. DefensX addresses risks in a modern way which is accessible, affordable, and sustainable.”

Invest101 supports new generation, early-stage technology startups, to scale up innovative solutions across artificial intelligence (AI), machine learning (ML), big data, cybersecurity, fintech, gaming technologies, software development technologies, internet of things (IoT), augmented reality (AR), virtual reality (VR), cloud technologies, advanced material, robotics, nanotechnology, biotechnology, renewable energy, and mobility.

With its additional funding and Zero Trust Secure Web Browser, DefensX is now poised to scale as the challenges they have been solving for continue to mount. It’s capabilities include:

• Zero Trust Web Protection
• Zero Trust Credentials
• Zero Trust File Protection
• Remote Browser Isolation
• DNS++

It’s built on a cloud-first architecture designed for the modern digital era and has been adopted by major distribution channels around the world.

“We are deeply honored to have been chosen by the Invest101 team, given their shared focus on creating strong regional and global companies engaged in strategic industries,” said Osman Erkan, Co-Founder and CEO of DefensX. “We look forward to becoming a strong contributor to their network of investors and entrepreneurs who are committed, as we are, to developing and expanding meaningful and sustainable solutions, especially in the cybersecurity arena as threats continue to accelerate.”

Last month, DefensX announced it had closed a financing round by Revo Capital, a venture capital fund investing in truly innovative, seed and early-stage B2B or B2C technology ventures. The investment of Invest 101 was realized as an extension of the above-mentioned round.

As demand for DefensX cyber security solutions continues to grow in North America, Western and Eastern Europe, Asia Pacific and Europe Middle East and Africa, Invest 101 and Revo’s investments will accelerate further expansion and software-as-a-service development.